More than a third of children (35 per cent) own a mobile by the time they are that age, the charity Personal Finance Education Group (pfeg) discovered. Its survey also found that three-quarters of all children aged seven to 15 owned “at least” one mobile.

The charity’s survey highlighted how early children now become financially aware – with peer pressure forcing them to get to grips with money to afford mobile phone ringtones, call costs and computer games. It found that children as young as seven were offering to do chores in exchange for cash to buy ringtones. But researchers were also told that by the age of 10, children were shopping online using their parents’ debit or credit cards.

“Children today face a kind of ‘technological tipping point’ forcing them to develop financial awareness at an earlier age. “It is therefore, vital, that they are equipped with the skills and judgment to make sound decisions about money management from an early age.”

If I had kids…they would NEVER get a cell phone. But then I would be a horrible parent anyway, my kids would hate me.